EUR/USD Price Analysis: Maintains position below the psychological level of 1.0800

EUR/USD holds its position after trimming daily gains on Monday.
Technical analysis suggests a possible confirmation of bearish momentum for the pair.
A break above the 1.0800 level could lead the pair to test a 23.6% Fibonacci retracement level of 1.0818 and the nine-day EMA at 1.0820.

Akhtar Faruqui FXStreet

EUR/USD pares intraday gains, trading higher around 1.0780 during the Asian session on Monday. The pair could find the key resistance at the psychological mark of 1.0800.

A breakthrough above this barrier could lead the EUR/USD pair to explore the region around the 23.6% Fibonacci retracement level of 1.0818 and the nine-day Exponential Moving Average (EMA) at 1.0820. Further resistance lies at the major level of 1.0850, following the psychological resistance at 1.0900.

Technical analysis suggests a bearish sentiment for the EUR/USD pair. The 14-day Relative Strength Index (RSI) is positioned below the 50 mark, indicating weakness in buying momentum.

Additionally, the Moving Average Convergence Divergence (MACD) shows a divergence below the signal line and remains below the centerline. Although a lagging indicator, this alignment indicates a confirmation of the bearish momentum for the EUR/USD pair.

On the downside, immediate support appears at March’s low of 1.0767, followed by the major support at 1.0750. A break below this level could lead the EUR/USD pair to navigate the area around the psychological level of 1.0700.

EUR/USD: Daily Chart

Author

Akhtar Faruqui

FXStreet

Akhtar Faruqui is a Forex Analyst based in New Delhi, India. With a keen eye for market trends and a passion for dissecting complex financial dynamics, he is dedicated to delivering accurate and insightful Forex news and analysis.

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